Vacation homes have separate tax rules that vary according to the owner’s personal-use days. A residence is a vacation home if the owners used it more than 14 days or 10% of the days it was rented during the year (if rented more than 140 days). For a vacation home, all mortgage interest and property taxes are usually deductible, either as rent expenses or as additional itemized deductions. If there was rent income, other property expenses may be deductible, including depreciation, but only up to the amount of the rent income (losses are not allowed).
TIP: For non-vacation rental homes, you may claim rent expense deductions other than interest and taxes, even if it results in a loss. When personal use of a vacation home is involved, deductions are determined by allocating expenses, including interest and taxes, between the rental and personal-use periods. If you rent your vacation home (or principal residence) for 14 days or less a year, you do not have to pay taxes on that rent income.
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